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Relief at the pump: Austin-area gas prices continue to dip

June 21, 2018 - 8:21 am

AUSTIN (KJCE) -- Gas prices continue to drop across the Lone Star State, according to the latest numbers from AAA Texas.

The average price for a gallon of regular unleaded fuel in the Austin-San Marcos metro area is $2.66 this week, down four cents from last week's average of $2.70. The average is 56 cents higher than this time last year.

Statewide, the average also dropped four cents to $2.69, and the nationwide average dipped three cents to $2.87. Both averages are 59 cents higher than this time last year.

Across Texas, all cities surveyed by AAA are seeing less expensive or steady gas price averages compared to one week ago. Texas drivers are paying $8.26 cents more, on average, for a tank of gas compared to this day last year.

For another week, the top six least expensive gas price averages in the country reside in the South and Southeast. South Carolina, Mississippi, Alabama, Louisiana, Oklahoma and Arkansas have gas price averages ranging from $2.55 to $2.63.

Market analysts caution that the cheaper trend may be reversing. Gasoline demand spiked in the latest Energy Information Administration’s (EIA) report. As demand skyrockets, U.S. gasoline inventories plummeted. Another factor that will influence gas prices in the near and long-term will be outcomes from the June 22 OPEC meeting in Vienna, Austria. OPEC, along with other major producers including Russia, will discuss increasing oil production ahead of the year-end scheduled dissolution of its production reduction agreement.

"While Texas drivers are seeing some relief at the gas pump, market analysts caution that the trend could reverse soon as demand for gasoline has increased in the middle of a very busy summer travel season," said Daniel Armbruster with AAA Texas.

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